Murfreesboro Trade Secrets Lawyer
Defending what makes your company unique is essential to carving out a niche in the marketplace as well as turning consistent profits. For many companies, this involves taking internal measures to ensure that their proprietary processes, formulas, customer information, and methods of doing business do not become common knowledge or get exposed to competitors. This often involves the creation of nondisclosure and noncompete agreements. When employees fail to comply with these agreements, it may be necessary to initiate litigation.
A Murfreesboro trade secrets lawyer could help companies that have identified the source of a trade secret leak or the competitor encouraging or benefiting from the leak. Our experienced attorneys at the Miller Injury Firm could then pursue litigation against employees, competitors, or other parties who have breached their contractual agreements to not disclose or disseminate this vital information. If our help fails to bring your company financial relief, your company never owes us any fees.
Trade Secrets As Kind Of Intellectual Property
Trade secrets are protected from wrongful disclosure or theft under both Tennessee and federal law. According to Tenn. Code Ann. § 47-25-1702 and 18 U.S. Code § 1839, a trade secret is any information that a company may use to derive economic value due to it not being common knowledge and not being easily discovered by others. In addition, the holder of a trade secret must take reasonable steps to retain that information’s secrecy. Common examples include restaurant recipes, methods of mixing paints for contractors, or the way that a candy maker combines their ingredients.
The benefits of and requirements to main secrecy differentiate trade secrets from other forms of IP. Patents and copyrights are intended to be disclosed to the public and ultimately give to the public domain the inventions and copyrighted materials after the statutory protection expires. Trade secrets, however, can last as long as they derive economic value and are kept secret. For this reason a recipe for the secret ingredients for fried chicken may outlast any patent on fryer technology. As a result, companies must take special care to ensure that trade secrets do not become public knowledge.
Pursuing Litigation After the Release of Company Secrets
Companies face a constant struggle to keep their trade secrets out of the public eye. To this end, they often use nondisclosure or non-compete agreements to bind their employees to secrecy. It is when an employee violates these agreements or a competitor wrongfully acquires the trade secrets a Murfreesboro trade secrets attorney may be able to help.
Many employment agreements contain specified remedies that a company can demand in the event of a breach. In addition, Tenn. Code Ann. § 47-25-1704 and 18 U.S. Code § 1836 state that a complainant can demand damages for their actual economic loss due to a leaking of trade secrets and well as other monetary awards including enhanced damages. Our team at the Miller Injury Firm could take the lead in pursuing these lawsuits.
Contact a Murfreesboro Trade Secrets Attorney Today
A company’s trade secrets can form the core of its economic model. they have the right to demand compensation in situations where workers were bound to secrecy. The resulting litigation can seek out-of-court settlements of significant value or evolve into full trials with the potential for large monetary damages awards.
Let a Murfreesboro trade secrets lawyer protect your company’s proprietary information. They could work to evaluate whether the information involved constitutes a trade secret, determine whether an employee has violated a nondisclosure agreement or a competitor has wrongfully acquired the trade secrets, and seek out appropriate compensation in and out of court. We generally handle such cases on a modified or full contingency fee arrangements, meaning if we do not recover compensation for you, there is no fee for our services. Reach out to the Miller Injury Firm today to protect your assets today.